The world of trading is fast-paced and competitive requiring both knowledge and skills. Thankfully, several free tools are designed to make the job easier for traders.
Here are ten useful tools that will help you stay in control of your trades, generate new ideas and execute them, while also monitoring your positions.
1. Forex Economic Calendar
Traders often speculate on prices during important news releases and report publications. There are others who entirely stay off the markets during these times. Whatever your choice may be, keeping track of the important economic events around the world is necessary for forex trading. This is how you will gain insight into the important economic indicators influencing the market. Past as well as forecasted figures could help you understand price trends. You will be better equipped with a suitable strategy when you follow the economic calendar.
2. Trading Tips from Experts
Look out for useful insights from experts in the field. Often, they talk about practical strategies traders can benefit from or a relevant technical indicator that could make your trading easier. Many brokers provide a detailed analysis of market reports as well as warnings of an impending crisis. Pay attention to such signals.
3. Currency Converter
Get fast access to currency exchange rates. You can convert a particular denomination of currency into another of your choice to make informed trading decisions. Many brokers will also provide conversions according to forecasted rates for the next day. You will no longer need to go to another site or sift through the global market news to get the spot exchange rate.
4. Pivot Point Calculator
These points are values that act as support and resistance areas. Pivot points are frequently used by traders to assess the market mood or general trend. You will have to provide the high, low and close values of the previous session to get the pivot point values.
5. Pip and Margin Calculator
Estimate your position size to keep trading within risk-free limits. You have to enter your trade size, the chosen currency pair, the base currency, and the leverage. The calculator will give you the pip and margin values.
6. Risk Calculator
Traders usually consider a fixed percentage of the trading account as the risk amount. Your forex trading account’s base currency and the current price of the currency pair is also an important factor to consider. After you calculate your pip and margin sizes, enter the account equity, chosen currency pair, tolerable risk percentage (depending on your threshold) and stop loss in pips (depending on your trade setup). The tools will calculate the corresponding position size.
7. Trader’s Glossary
The forex market is full of confusing terminologies. If you are not familiar with a term, check your broker’s glossary to get a simple explanation for it. Do not trade without adequate information.
8. Orbex TradeLab
This unique platform will allow you to learn the forex trade ideas of other traders in a thriving online community. You can also post your strategies to share with others. This will be a chance to learn something new every day.
9. Orbex Strategizer
This is an algorithmic forex trading system, which allows traders to build expert advisors without the need for complicated programming languages or coding requirements. The platform can seamlessly integrate into your MT4 trading system for free and without any code.
Your forex trading is incomplete without a robust platform like MT4. This platform offers a wide range of technical indicators, charting tools and market monitoring tools. It can also handle multiple trade execution orders and offers expert advisors too.
Once you have a good arsenal of useful tools, making informed trading decisions becomes more comfortable.